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The Real Deal Los Angeles

Millennium Partners sells San Fran condo tower to Westbrook Partners

Mission Street project a few blocks from troubled Millennium Tower
December 03, 2018 02:00PM

A rendering of 706 Mission (credit: 706 Mission Street Co LLC, Steelblue)

UPDATED, December 4, 9:42 a.m.: Millennium Partners has sold a 45-story condo project under construction in San Francisco to Westbrook Partners.

Four Seasons has joined on to oversee amenities and services through its Private Residences concept at the 146-unit tower at 706 Mission Street, according to the San Francisco Business Times.

A sales price was not discussed.

It’s not Westbrook’s first deal with Millennium. In 2010 the firm saved Millennium’s Four Seasons Hotel property in San Francisco from foreclosure by joining as an equity partner.

The 706 Mission Street project is just a few blocks away from Millennium Partners’ most infamous project in San Francisco — the 58-story Millennium Tower that’s sunk about 18 inches and tilted 14 inches over the last decade. The homeowner’s association for the tower’s condo owners is suing Millennium Partners and other stakeholders for $200 million.

Millennium Partners started work on the 706 Mission Street tower before the Millennium Towers’ issues became public in 2016. Completion is set for 2020. A spokesperson for the project didn’t return requests for comment, according to the Business Times.

Four Seasons Private Residences condo concept is still being tested. The hotel giant has opened Private Residences in London; Marrakech, Morocco; and Beverly Hills. Condo owners get hotel amenities like room service.

Millennium Partners is pursuing a four-tower project in Hollywood called Hollywood Center. The project has been controversial for its proximity to the famous Capital Records building. The firm revised its plans earlier this year, adding more residential units and reducing commercial space. [San Francisco Business Times] – Dennis Lynch